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Given the financial data of Company LMN: Sales Revenue $350,000, Cost of Goods Sold $150,000, Operating Expenses $100,000, Interest Expense $30,000, and Income Tax Expense


  1. Given the financial data of Company LMN: Sales Revenue $350,000, Cost of Goods Sold $150,000, Operating Expenses $100,000, Interest Expense $30,000, and Income Tax Expense $40,000. Calculate the net income for Company LMN and present the calculation in a tabular format.
Income Statement ItemsAmount
Sales Revenue$350,000
Cost of Goods Sold($150,000)
Operating Expenses($100,000)
Interest Expense($30,000)
Income Tax Expense($40,000)
_____________________________________
Net Income$30,000

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